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training_data/curated/text/0d14c73c5bb1186c5792fd28308fa2a3e4f8d10be54acd08fd31834721dc1f99.txt

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+objectives are met more efficiently by buying the spread. The goal is to
+profit from the delta move down from $80 to $75. Exhibit 9.8 shows the
+differences between the greeks of the outright put and the spread when the
+trade is put on with ExxonMobil at $80.55.
+EXHIBIT 9.8 ExxonMobil put vs. bear put spread (ExxonMobil @
+$80.55).
+80 Put75–80 Put
+Delta −0.445−0.300
+Gamma+0.080+0.041
+Theta −0.018−0.006
+Vega +0.110+0.046
+As in the call-spread examples discussed previously, the spread delta is
+smaller than the outright put’s. It appears ironic that the spread with the
+smaller delta is a better trade in this situation, considering that the intent is
+to profit from direction. But it is the relative differences in the greeks
+besides delta that make the spread worthwhile given the trader’s goal.
+Gamma, theta, and vega are proportionately much smaller than the delta in
+the spread than in the outright put. While the spread’s delta is two thirds
+that of the put, its gamma is half, its theta one third, and its vega around 42
+percent of the put’s.
+Retracements such as the one called for by the trader in this example can
+happen fast, sometimes over the course of a week or two. It’s not
+necessarily bad if this move occurs quickly. If ExxonMobil drops by $5
+right away, the short delta will make the position profitable. Exhibit 9.9
+shows how the spread position changes as the stock declines from $80 to
+$75.
+EXHIBIT 9.9 75–80 bear put spread as ExxonMobil declines.